Bally Technologies to Buy SHFL for $1.31 Billion
Bally Technologies has announced that it has formed an agreement to buy gambling equipment maker SHFL Entertainment for roughly $1.31 billion in cash. Bally has said that the addition of SHFL will enhance its existing product catalogue and also provide access to land-based and online table games markets.
The agreement will see Bally pay $23.25 per share, which represents a 20% premium over SHFL’s Monday closing stock price.
Bally was originally founded as a pinball machine maker in Chicago and begun making slot machines in 1936. It now designs, manufactures and distributes gambling devices and systems across the globe.
The company also offers a number of tools to aid with marketing, data management, accounting, player tracking, security and other software applications and tools.
SHFL is known for its automatic card shufflers, it also makes a variety of casino equipment as well as propriety table, electronic table and online games.
The deal remains subject to SHFL shareholders approval, but it is expected to be completed by the second quarter of 2014.